Albertsons Cos. is preparing for an initial public offering, which could value the grocery giant at around $19 billion, according to a report in the Wall Street Journal. Albertsons is owned by private-equity firm Cerberus Capital Management. The report, which cites people described as familiar with the matter, says Albertsons has been updating IPO documents that had been confidentially filed with the Securities and Exchange Commission. The report said Albertsons has substantially reduced debt since it last filed IPO papers back in 2015, and Cerberus is resurrecting IPO discussions in an effort to cash in on the grocer’s improved performance and a strong stock market. The IPO preparation comes as the shares of fellow grocery giant Kroger Co. KR, +0.48% have rallied 17.4% over the past three months, while the Renaissance IPO ETF IPO, +0.49% has climbed 14.7% and the S&P 500 SPX, +0.58% has gained 10.4%.